8-K

                        SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C. 20549

                                   FORM 8-K

                                 CURRENT REPORT

                        Pursuant to Section 13 or 15(d) of
                        The Securities Exchange Act of 1934

                                June 19, 2006
                                (Date of Report)


                            ALANCO TECHNOLOGIES, INC.
             (Exact name of Registrant as specified in its charter)

                                    0-9437
                            (Commission File No.)

               Arizona                                  86-0220694
      (State or other jurisdiction)         ( IRS Employer Identification No.)

               15575 N 83RD WAY, SUITE 3, SCOTTSDALE, ARIZONA 85260
              (Address of Principal Executive Office)      (Zip Code)

                                  (480)607-1010
              (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

( ) Written communication pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

( ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CRF 240.14a-12)

( ) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
     Act (17 CFR 240.14d-2(b))

( ) Pre-commencement communications pursuant to Rule 13e-4 ( c) under the
    Exchange Act (17 CFR 240.134-4(c))

Item 3.01

On June 19, the Company issued a press release, indicating that the Company
has regained compliance with Nasdaq Shareholder Approval Rules.

The release is attached to this Form 8-K as an exhibit.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1 - Press release

                                   SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date: June 19, 2006                     ALANCO TECHNOLOGIES, INC.
                                        By: /s/ John A Carlson
                                        Chief Financial Officer

EX-99

FOR IMMEDIATE RELEASE

CONTACTS:    Alanco Investor Relations         Equity Communications
- --------
             (480) 607-1010                    Ira Weingarten
             www.alanco.com                    (805) 897-1880
             --------------                    equity@silcom.com
                                               -----------------


                        Alanco Regains Nasdaq Shareholder
                            Approval Rules Compliance
- ------------------------------------------------------------------------------

(Scottsdale, AZ - June 19, 2006) - Alanco Technologies, Inc. (NASDAQ: ALAN),
developer of the TSI PRISM RFID officer safety and inmate tracking system for
the corrections industry, today announced that it had received a letter from the
NASDAQ Stock Market dated June 16, 2006 indicating the Company had regained
compliance with Nasdaq shareholder approval rules. The Company had previously
been notified that a private placement completed on May 4, 2006 of 820,000
units, consisting of one share of common stock and a warrant to purchase one
share of common stock to a trust beneficially owned by a Director of the
Company, was in violation of shareholder approval rules set forth in Marketplace
Rule 4350(i)(1)(A) (the "Rule"). The Company regained compliance with the Rule
when the Director agreed on June 2, 2006 that "he will not exercise the Warrant
unless and until the shareholders of Alanco have approved the issuance of the
warrant at a special or annual shareholders meeting." The Company intends to
submit the issue for shareholder approval at the next shareholders meeting.

Alanco Technologies, Inc. (NASDAQ: ALAN), headquartered in Scottsdale, Arizona,
is the developer of the TSI PRISM RFID continuous tracking system for the
corrections industry, which tracks the location and movement of inmates and
officers, resulting in significant prison operating cost reductions and enhanced
officer safety and facility security. Utilizing RFID (Radio Frequency
Identification) tracking technology with proprietary software and patented
hardware components, TSI PRISM provides real-time inmate and officer
identification, location and tracking capabilities both indoors and out. TSI
PRISM is currently utilized in prisons in Michigan, California, Illinois, Ohio,
and Missouri. The Company also participates in the data storage industry through
two subsidiary companies: Arraid, Inc., a manufacturer of proprietary storage
products to upgrade older "legacy" computer systems; and Excel/Meridian Data,
Inc., a manufacturer of Network Attached Storage (NAS) systems.

EXCEPT FOR HISTORICAL INFORMATION, THE STATEMENTS CONTAINED IN THIS PRESS
RELEASE ARE FORWARD-LOOKING STATEMENTS MADE PURSUANT TO THE SAFE HARBOR
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL SUCH
FORWARD-LOOKING STATEMENTS ARE SUBJECT TO, AND ARE QUALIFIED BY, RISKS AND
UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
EXPRESSED OR IMPLIED BY THOSE STATEMENTS. THESE RISKS AND UNCERTAINTIES INCLUDE,
BUT ARE NOT LIMITED TO, REDUCED DEMAND FOR INFORMATION TECHNOLOGY EQUIPMENT;
COMPETITIVE PRICING AND DIFFICULTY MANAGING PRODUCT COSTS; DEVELOPMENT OF NEW
TECHNOLOGIES WHICH MAKE THE COMPANY'S PRODUCTS OBSOLETE; RAPID INDUSTRY CHANGES;
FAILURE OF AN ACQUIRED BUSINESS TO FURTHER THE COMPANY'S STRATEGIES; THE ABILITY
TO MAINTAIN SATISFACTORY RELATIONSHIPS WITH LENDERS AND TO REMAIN IN COMPLIANCE
WITH FINANCIAL LOAN COVENANTS AND OTHER REQUIREMENTS UNDER CURRENT BANKING
AGREEMENTS; AND THE ABILITY TO SECURE AND MAINTAIN KEY CONTRACTS AND
RELATIONSHIPS.

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